French Cloud Computing IPO Mints Europe's Latest Tech Billionaire
Umer Jamshaid 2 months ago Fri 15th October 2021 | 07:53 PM
French cloud computing group OVHcloud made its debut on the Paris stock market Friday, turning its Polish-born founder, Octave Klaba, into Europe's newest tech billionaire
Paris, (APP - UrduPoint / Pakistan Point News - 15th Oct, 2021 ) :French cloud computing group OVHcloud made its debut on the Paris stock market Friday, turning its Polish-born founder, Octave Klaba, into Europe's newest tech billionaire.
"A great day for French Tech!" French Digital Affairs Minister Cedric O wrote on Twitter. "A story of immigration, entrepreneurship, risk, determination, territory... and success!" Klaba said the initial public offering was "to honour all those who have the same dream as us: building a cloud supplier that respects European values and operates all around the world.
OVHcloud is currently dwarfed by its American rivals, but it pitches itself as a safe European alternative which guarantees that data are stored in accordance with EU laws.
It has suffered several setbacks this year, however.
And on Wednesday, on the eve of the IPO, it had to issue an apology to clients after an outage caused by "human error" caused its servers to crash.
Cloud computing groups provide space on their servers for other companies to store their data and run their IT systems.
The IPO is the third major public share offering by a French tech company this year, following the flotation of music streaming company Believe in June and cybersecurity specialist Exclusive Networks in September.
OVHcloud employs 2,400 people and reported annual sales of 632 million euros for last year.